St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-10-05
The COMMERCIAL RECORD.
On the Chicago Board Of Trade Yester-
day Morning Wheat Opened
Bullish.
However, Changes in Prices We're Quite
Small During the Entire
Day.
Transactions in the Financial Circle OF
Wall Street.-The General
Quotations.
Special to the Globe.

the WTlter lIdl II COSlS lIOu rs " pei
bushel per month to carry grain in country
warehouses, and that it is the almost invaria-
BILE custom of owners of these elevator lines
to buy the grain outright and sell against it
in Chicago. Duluth and other speculative
markets, making 1A@1ss per cent. month
net on their investment, that being the diff
ference between the city elevator charges
and the cost of carrying the grain in interior
store houses. Commission merchants who
have inquired into the subject carefully,
with view 10 investment, have ascertained
that profitable return on the cost of
the plant could be assured on a
storage charge of l2c per month.
they have been deferred from engaging in
the business by a fear that it is being out
done, and that the breakup that is certain to
occur when competition gets hot would leave
them stranded. They have viewed the rapid
increase in country and city elevator capacity
of late years with keen appreciation of the
drift of things. There is now a great deal
more room than there is need of, and over
production of elevator capacity is not greatly
different from over-production in any
other line. When builders have more
room to sell than they can find customers
for they will begin cutting rates to secure
business. Then the producers and the wheat
bulls will have an inning. The board of
trade markets have not been so dull for
months. There was not enough outside trade
to ''wad Il gun, to employ time-honored
phrase Business in the pit was exclusively
of local scalping character, and price
changes were insignificant. The range for
wheat and corn was Ac. Oats were as
LIFELEss AS A LOG,
and provisions were stagnant. For want of
something else to do the grain crowd analhe-
matized the new bill and the commission
rule and the provision men lifted up their
voices against Armour as the author of dull
speculation in hog products. Nobody APP
peared to be satisfied. Cables were firm with
All upward tendency and foreigners in some
instances marked up their limits. For a
wonder private and public advices from
abroad were in accord on wheat. A good
shipping demand for both wheat and corn is
reported, but the movement is restricted by
scarcity of freights, the storms on the lakes
having kept vessels back. BY the end of the
week there will be boats enough here,
but just now the demand exceeds the
supply. ''Old Hutch slashed around by
proxy in wheat and corn. He bought some
wheat early, and deal of corn. His opera
tons in the latter cereal extending through
the whole session. There Is a firmer under
tone to corn than to wheat, but in both grains
the strongest end of the deal is in the cash
and nearest end. December wheat ranged
72s4@727sc low, and 1850 high. with 73c
the popular price. May ranged 7SA@7S12c.
The range on May corn was 45Ss6455sc, and
on November 42l2c low and 42ss@l4234c
high. Oats fickered. What little change
there was to provisions was in the direction
of lower prices, but the inclination
was so faint that it was hardly
n Tod
Afternoon session-There were two little
sensations on change during the session.
The first was the announcement of a correc
ton III the statement of Buffalo stocks of
wheat, which reduces the total grain in store
100000 bu. and makes the increase 431 900
bu instead of S34, 600 blu. The other sensa-
ton was a break in October ribs to 81. Dur
ing the forenoon ribs sold as high as $3.50.
Wheat bulled little on the visible correc-
ton. and New York closed very firm and.
higher. Local closings were as follows:
Wheat 7OAc october. 717Bc November, 1888
Sg73l2c December, 7S7sc May. Corn, 42lsc
october 425sc November 423sc December.
45l2c May. Oats, 26c October. 2614c No
vember, 297sc May. Pork, 1922 January,
S12 year. Lard, S6.47l2 October, $685. No
vember. $685. December, S6.72l2 May. Short
ribs, S7.l5 October, S6.25 January.
THE ROUTINE REPORT.
CHICAGO. Oct. 1.-The feeling in the wheat
market this morning was rather more bull
ish, p" but little news of interest was devel-
oped, and the changes in prices were slight.
The trading was mostly confined to small OPP
orators. Cables were firmer and accompanied
with some small buying orders. Home mar
kets received some little strength from a
rumor stating that an error had been made in
the Buffalo stocks, which made the visible
supply about 400, COO bushels too large 1t
was rumored that there had been some sell
ing for the Northwest, and a prominent local
operator was reported as being a moderate
hnVpr RpppintS in the North IypSt
but only fair at other points. Export clear
ings were also fair, and q good milling de-
mand existed. November wheat opened at
71Ssc, sold at 714GS7I 7sc, closing at the latter
and closed at the latter figure There was
no special feature in the corn market and it
was the dullest day for many weeks. The
opening figures were not changed until about
noon, when there was some local buying,
which caused a little better price. The local
stock was posted at ], 209 600 blu of No. 2, a
decrease for the week of ia, 600 blu. There
was fair demand for cash corn and local
operator took quite line at 1880 and 42Iac.
1t was said that the Western railroads had
extended the ton rates on corn from Iowa
and Missouri, which expired Sept. 80, to
Oct. 80, which will probably increase the re-
ceipts during the coming month. November
corn opened at 42l2c, sold to 42ss@42Ac
and closed at 42ssc. May opened at 45ssc
sold at 45ss@45s4c and closed at 45l2c. Oats
were dull and quiet There was a fair cash
business done, but that was by sample The
regular market was rather neglected owing to
speculative orders being light. Rather an easy
feeling prevailed and slight shrinkage in
values is shown for cash and near futures
still there was no important change. No. 9
cash sold at 26'@26Is. Provisions were easy
and nothing OF consequence doing in the
market Offerings were moderate on specu-
lative account, and there was no particular
demand from any source. The liberal re-
ceipts of hogs contracted some attention and
i'll measure checked the inquiry for the
lott 0rtgn I1rf<.
able to buyers, though the reduction was
slight. October and January deliveries meet
with most favor. Inquiry on shipping ac-
count was fair and the offerings were moder-
ate. with few transactions at slightly re-
duced prices. The receipts of products were
fair and shipments usually heavy. Liver
pool advices showed an easier feeling in
bacon. Eastern markets, were quiet and
easy. October lard opened at S6.47I2 sold
at S6.47l2@6.5O and closed at Sc 47Ia.
October short ribs opened at $3.50, sold at
S1.45@7.00, and closed at S7.15. January
mess pork sold at $12. 32I2@12.3 80, closing at
the former figure.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. 2 October opened at 697sc, clos
ing at 7OAc; November, 71ssc. closing at
1850, closing at 1850. Corn-No. 2, Octo-
Der, 1880, closing at 42Isc; November,
42l2c, closing at 42ssc; December 42Isc,
closing at 1880; May, 45ssc, closing at 45I2c
November, 26Ae, closing at 26I4c; May,
297sc, closing at 297sc. Mess Pork. per Dbl.
Year. S12; January. $l2.35, closing at
S12,32l2. Lard, per 100 lbs-October. So. 47Ia,
closing at S6.40l2; November, SO. 37ls, clos.
ing at $685.; January, $6.45. closing at
$6.42l2; May, S6.72l5, closing at
S6.72I2. Short ribs, per 100 lbs
October, $50, closing at S715;
January, S6.2712, closing at So 25.
Cash quotations were as follows: Wheat
No. 2 spring, . 9s4@701sc; No. spring, Csc;
No. red, 70s4c. Corn-No. 2, 42I2c.
Oats-No. 2, 257sc. Rye-No. 2, 48c Bar
ley-No. 2, 65c- Flax seed-No. l, S1O6A;
rorl nor hill 8Id 81. lord NOR LOO L..